ROSARITO BEACH, BAJA CALIFORNIA, MEXICO---The city has received a $16.6 million loan from a U.S.-based bank for additional street paving, Mayor Hugo Torres announced.
“The loan will allow for improvements that will benefit both our rapidly growing population and our more than one-million visitors a year,” said the mayor of the popular seaside tourist destination 30 miles south of San Diego.
The loans come from San Antonio-based North American Development Bank. Torres and bank managing director Jorge Garces signed the loan agreement last week in Rosarito.
This is the first time the city has obtained a loan from a U.S. bank although that has occurred elsewhere in Mexico.
The terms from the U.S. development bank were the most favorable available, at 9.5 percent interest over 15 years. The repayment amount is in pesos to lock in the amount due, Torres said.
The money will be used for additional paving of city roadways where underground utilities already have been installed. This will aid traffic flow, make areas more accessible and improve air by reducing dust and emissions from slow-moving traffic.
“It also will help people have easier access to their homes in the rainy season, and make it quicker for emergency services to reach them,” Torres said
In all, about 7 million square feet will be paved, about half of the 50 percent of city streets currently unpaved.
Under the terms of the loan, the work will be awarded based on an international bidding process. Construction is expected to begin in July of this year and take about a year to complete.
“The population of Rosarito is one of the fastest growing in Baja and we want our residents to have the best services possible,” Torres said. “It also is important that we provide the best quality services to our many visitors.”
“Much has already been done, including extensive street paving, construction of the new Tecate-Rosarito Highway 2000 and major improvements to the scenic and free highways,” he added. “Solid planning for the future is essential.”
Rosarito has an estimated population of 140,000, including 14,000 expatriates, primarily from the United States. It also has been the focal point for construction of vacation and retirement residences along the Baja coast from Tijuana to Ensenada.
More than a million people a year visit its hotels and resorts to enjoy outdoor activities, shopping, spas, Mexican culture, dining and attractions including the world-famous Puerto Nuevo Lobster Village and Baja Studios, where Titanic and Master & Commander were filmed.
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